Access America 2003 Annual Report Download

Download and view the complete annual report

Please find the complete 2003 Access America annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 40

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40

annual
report
20
03

Table of contents

  • Page 1
    annual report 20 03

  • Page 2

  • Page 3
    annual report 2003 Mondial Assistance Group would like to thank all its staff for their kind participation in the illustrations in this annual report

  • Page 4
    ... by region Group structure Review of operations Financial statements of Mondial Assistance Group Notes to the consolidated financial statements of Mondial Assistance Group Report of the statutory auditors Financial statements of Elmonda Notes to the financial statements of Elmonda Report of the...

  • Page 5
    ... the UK for example, applying innovative technology enables people with speech and hearing impediments to access assistance services despite their handicap. Mondial Assistance Group seizes every occasion to design and develop services that respond to the real needs of our society today and to offer...

  • Page 6
    ... of cost containment Mondial Assistance Group, world leader in travel insurance and assistance services, reconfirmed its number one market position in 2003, giving precedence to bottom line profitability over growth. The majority of Group entities matched the parent company's performance, also...

  • Page 7
    ... to providing long-term quality service to clients, partners and shareholders. With the support, energy and expertise of our 7 500 staff members and our local and international network partners, we aim to ensure the sustainable development of Mondial Assistance Group. Zürich and Paris, March 23rd...

  • Page 8
    ......Mondial Assistance Group is the worldwide leader in assistance services and travel insurance. With its international infrastructure, the Group not only provides its corporate clients around the world with efficient and innovative solutions, it also offers seamless, personal, real-time assistance...

  • Page 9
    ... to successfully operate around-the-clock optimising intervention efficiency, but it also enables the Group to offer a wide range of state-ofthe-art travel insurance, assistance and service solutions, which are innovative, tailor-made and respond to the changing and specific needs of corporate...

  • Page 10
    No situation will ever be too great, complex or unusual for the Group to resolve...Mondial Assistance Group continually develops diverse and innovative assistance, travel insurance and service solutions for all kinds of situations, anywhere, anytime. Ever attentive to socio-economic and cultural ...

  • Page 11
    ... a commercial strategy based on four principles - seamlessness, transparency, tailor made solutions and long-term commitment. As a result, clients who partnered with the Group 30 years ago are enjoying the long-term benefits of this commitment. Assistance, travel insurance and service solutions are...

  • Page 12
    International presence Countries with a Group subsidiary Countries with a commercial Group activity THE AMERICAS Argentina Brazil Canada Chile United States AFRICA Mauritius Morocco Reunion Island

  • Page 13
    EUROPE Austria Belgium Czech Republic France Germany Greece Ireland Italy Poland Portugal Russia Spain Switzerland The Netherlands Turkey United Kingdom Baltic countries Bulgaria Croatia Denmark Finland Hungary Lebanon Norway Slovakia Slovenia Sweden Ukraine Uzbekistan ASIA China Japan Singapore ...

  • Page 14
    ... While enduring dramatic world events such as the war in Iraq and the SARS epidemic in Asia, Mondial Assistance Group consolidated its business in 2003 in travel insurance, vehicle assistance and customer services, with a particular emphasis on developing its healthcare offer. After aligning...

  • Page 15
    ... of our healthcare offer. The Near Middle East - reinforcing local partnerships and client loyalty 2003 Group strategy in Lebanon and Turkey has been to intensify commercial efforts with local partners. Banking institutions in Lebanon launched travel insurance and medical assistance services. We...

  • Page 16
    ... assistance and travel insurance solutions on the Slovakian market, resulting in Slovakia's first contract with a major insurance client. In Russia and the Ukraine, commercial ties were reinforced, particularly in the insurance sector. Austria launched online subscription for their travel partners...

  • Page 17
    ... and extended an online service offer for business partners. Italy launched its first B2B e-commerce operations, encouraging travel agent partners to use the web-based sales tool instead of traditional subscription modes. Internet is also becoming the preferred means for claims declarations and...

  • Page 18
    16

  • Page 19
    ... ALLIANZ GROUP R.A.S. International A.G.F. 50% Mondial Assistance Group (Zurich - Paris) 50% Holding ELMONDA Supervisory Board Chairman Delegate Vice-President Members Detlev Bremkamp François Thomazeau Thomas Pleines K. Walter Gutberlet Executive Committee of the Group President Members...

  • Page 20
    Review of operations For the year 2003 Turnover (Premium and Service Revenue) Throughout the twelve-month period ended December 31st, 2003, Mondial Assistance Group's turnover from the two main business lines - travel insurance and vehicle assistance - was strongly influenced by exceptional, adverse...

  • Page 21
    ...to 41%. Elvia Travel Insurance in Zurich obtained an insurance license to operate in Poland and has established a branch office in Warsaw, which will begin underwriting travel and assistance policies in 2004. Elvia Sp.z.o.o, its Services subsidiary, has represented Mondial Assistance Group in Poland...

  • Page 22
    ... Statement of Mondial Assistance Group for the Financial Year 2003 in thousand EUR INSURANCE AND ASSISTANCE BUSINESS Total Turnover (Premiums and Service revenue) Written premiums Unearned premium reserve change Earned premiums Claims paid current year Transferred claims administration expenses...

  • Page 23
    ... Balance Sheet of Mondial Assistance Group on December 31st, 2003 in thousand EUR ASSETS...companies - current accounts Other liabilities Deferred income and deferred service income Other liabilities Deferred taxes - liabilities Total liabilities Total shareholders' equity and liabilities 2003...

  • Page 24
    ... Statements Cash Flow Statement of Mondial Assistance Group for the Financial Year 2003 in thousand EUR Net result of the period Change in unearned premiums reserve Change in claims and claim handling costs Change in other technical reserves Change in deferred acquisition costs Change in deposits...

  • Page 25
    ... (SSC). A new service company, Mondial Assistance Beijing Services Co. Ltd. was founded in China. In Morocco, the participation in ISAAF Mondial Assistance was reduced from 80% to 41% and is consolidated at equity method since of November 1st, 2003. The Mondial Assistance Holding Deutschland, Munich...

  • Page 26
    ... and income are translated at the annual average rate in all financial statements of subsidiaries not reporting in Euro. Any translation differences, ...for Software, with a maximum of 5 years. Mondial Assistance Group periodically evaluates the recoverability of Goodwill and takes into account events...

  • Page 27
    ..., which are incurred in connection with the acquisition or renewal of insurance policies, are capitalised and amortised through the income statement over the term of the policies. Cash and cash equivalents This item includes balances with banks payable on demand, cash on hand and bank deposits with...

  • Page 28
    ... concerned. Anticipated changes are already taken into account as at balance sheet date. Information on income statement Turnover Turnover includes insurance premiums and service revenue. Premiums earned Premiums written for travel insurance are reported proportionately as income over the term of...

  • Page 29
    ... reserves Claim equalisation reserves and major risk reserves are not allowed under Mondial Assistance Group accounting policy because they do not represent a present obligation toward third parties. Claims reserves Claims reserves tend to be somewhat lower under Mondial Assistance Group accounting...

  • Page 30
    ... principles) Market value (as per current year valuation principles) Revaluation reserve 2003 2002 387 504 393 270 5 766 342 585 351 016 8... 2003 intangible assets 42 167 -1 477 40 690 5 904 -1 845 -967 -11 207 32 575 tangible assets 41 331 -1 906 39 425 21 965 368 -5 911 -14 169 41 678 real estate ...

  • Page 31
    ... France Mondial Assistance Réunion S.A., Saint Denis (Reunion Island) Purpose: Services ELUCYDEE S.A., Paris Purpose: Services Gestion de Télésécurité et de Services S.A., Chatillon Purpose: Services France Secours International Assistance S.A., Bagnolet Purpose: Insurance Mondial Assistance...

  • Page 32
    ... Holding Mondial Assistance Deutschland GmbH, Munich Purpose: Services MONDIAL Service Deutschland GmbH, Wiesbaden Purpose: Assistance and services Great Britain MONDIAL Assistance United Kingdom Ltd, Croydon Surrey Purpose: Assistance and services World Access Europe Ltd, London Purpose: Assistance...

  • Page 33
    ... World Access Insurance Broker Ltd, Waterloo Purpose: Insurance broker USA Travel Care Inc., Miami Beach Purpose: Assistance and travel agency World Access Inc., Richmond Purpose: Holding World Access Healthcare Services Inc., Richmond Purpose: Assistance and services World Access Service Corp...

  • Page 34
    ... to the general meeting Elmonda (Mondial Assistance Group) Zurich - Consolidated Financial Statements 2003 Report of the Group Auditors to the General Meeting of Elmonda (Mondial Assistance Group), Zurich As Group auditors, we have audited the consolidated financial statements rendered on pages 20...

  • Page 35
    ... the Financial Year 2003 in thousand CHF FINANCIAL OPERATIONS Income Charges Accounting profits and write-ups Accounting losses and write-offs Total financial income Administrative expenses and costs of acquisitions Profit for the financial year before taxes Taxes Profit for the financial year 2003...

  • Page 36
    ... Share capital Purpose: Insurance and assistance Share Mondial Assistance S.A.S, Paris Share capital in thousand EUR Purpose: Holding Share 2. Long-term liabilities over 3 years 3. Accounts receivable and payable with associated companies Other accounts receivable Other liabilities 2003 2002 25 000...

  • Page 37
    ...provides a reasonable basis for our opinion. In our opinion, the accounting records and financial statements and the proposed appropriation of available earnings comply with Swiss law and the company's articles of incorporation. We recommend that the financial statements submitted to you be approved...

  • Page 38
    ...earned premiums and service income Claims Costs Technical interest Operating result Financial result 2) Reallocation of technical interest Other income/expenses and depreciation on intangible assets Result before Tax Taxes Result after Tax Minority interest in the results Group result 2003 995.5 962...

  • Page 39
    Concept : RJK Nouveaux Mondes - Texts : So British - Photos : Mondial Assistance Group image bank - Graphic Obsession - RJK

  • Page 40
    www.mondial-assistance-group.com 3 7 r u e Ta i t b o u t 7 5 0 0 9 P a r i s F r a n c e Te l . + 3 3 . 1 . 5 3 . 2 5 . 5 3 . 2 5 - F a x + 3 3 . 1 . 5 3 . 2 5 . 5 4 . 3 3